Saudi Business Delegation visits Vietnam To Deepen Economic Ties
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Saudi Business Delegation visits Vietnam To Deepen Economic Ties

Separator

A major corporate group from Saudi Arabia has visited Vietnam, marking an important step forward in bilateral talks aimed at promoting cooperation, expanding commercial connections, and offering joint investment opportunities between the two countries. The Vietnam-Saudi Arabia Business Forum, conducted in Hanoi by the Riyadh Chamber of Commerce in collaboration with the Kingdom's Embassy in Vietnam and the Asian country's Chamber of Commerce, drew up to 200 enterprises from both sides.

During the forum, Tran Luu Quang, Deputy Prime Minister of Vietnam, voiced hope about the future of trade relations between Saudi Arabia and Vietnam. He ascribed the good outlook to the high-level political commitment and proactive efforts of both countries' government agencies and business communities. He also expressed hope that the meeting will succeed in its goal of increasing trade exchange between the two countries.   

Abdullah Al-Khorayef, a member of the Riyadh Chamber of Commerce's board of directors, emphasized the forum's purpose of providing a venue for firms in both nations to explore collaboration, strengthen commercial relations, and uncover joint investment prospects. The Kingdom's exports to Vietnam in 2022 totaled SR4.17 billion ($1.11 billion), up from around SR2.82 billion in 2021. 

In contrast, Vietnam's imports to the Kingdom in 2022 are expected to reach at SR7.8 billion riyals, up from SR5.38 billion the previous year. During 2022, the Kingdom's exports to the Asian country comprised plastics, minerals, and organic chemicals. They also included preparations of animal meals and fish meat. 

Meanwhile, Saudi Arabia imported electrical appliances, equipment and parts, and metal products from Vietnam. They also included copper and its derivatives, footwear, machinery, and tools.  

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